Citizen Media Company Bought by Traditional Media Company

We’ve just sold Pegasus News to Fisher Communications (NASDAQ: FSCI), a publicly-traded TV and radio broadcasting company based in Seattle. While sales of companies are sometimes viewed as endings, this should be looked upon as a beginning — hopefully the beginning of a lot of cool things for you and for us.

Many citizen media companies will be acquired in coming years by the traditional media operations. The upstarts have most of the best ideas. The incumbents have most of the money, and will for some time longer.
Sometimes the upstarts end up beating the big guys. Witness what Michael Bloomberg did to Dow Jones.

Citizen media’s business evolution will take all forms, and today’s deal for Pegasus News is just one.

“The blog-peasants gathered along the shore, jeering at the ships and telling the invaders that they would soon be vanquished by the brave lords in the great castle. But when the captains of the merchant ships made their way to the gates of the castle, bearing crates of gold, they were not repelled by the lords with cannons but rather welcomed with fanfares. And all through the night the blog-peasants could hear the sounds of a great feast inside the castle walls.”